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                                                                    EXHIBIT 99.1


[NUEVO ENERGY COMPANY LOGO]
                                                  NEWS RELEASE
                                           -------------------------------------
FOR IMMEDIATE RELEASE                             CONTACT:
May 8, 2001                                       Barbara B. Forbes
                                                  Director of Investor Relations
                                                  713-374-4870

                           NUEVO ANNOUNCES RESIGNATION
                                 OF DOUG FOSHEE


HOUSTON - The Board of Directors of Nuevo Energy Company (NYSE: NEV) announced
today that it has accepted the resignation of Doug Foshee as Chairman, President
and Chief Executive Officer of the Company, effectively immediately. Mr. Foshee
intends to pursue other interests.

The Board announced that Isaac Arnold, an outside Nuevo director since 1990, has
been appointed Chairman of the Board. The Board also announced that Phillip
Gobe, currently Nuevo's Chief Operating Officer, has been appointed President
and Chief Executive Officer on an interim basis. The Nominating and Governance
Committee has initiated a search for a new President and Chief Executive Officer
and Mr. Gobe will be considered as part of this search.

"On behalf of the Board of Directors, I would like to thank Doug for his hard
work, integrity, and his many positive contributions during the past four years
and we wish him the very best in his future endeavors," stated Mr. Arnold.

"Phillip Gobe and the rest of Nuevo's senior management team have the full
support of our Board of Directors," added Mr. Arnold. "Nuevo will continue to
optimize its current asset base by taking advantage of opportunities presented
by a volatile California energy market; we will aggressively drill our
exploration prospects which are heavily weighted toward gas and light oil in
California; and we will pursue acquisitions that will add to Nuevo's growth
prospects," stated Mr. Arnold.

In connection with Mr. Foshee's resignation, the size of Nuevo's Board of
Directors has been reduced to 8, all of whom are standing for reelection at
Nuevo's Annual Meeting of Shareholders to be held on Wednesday, May 23, 2001.

Nuevo Energy Company is a Houston, Texas-based Company primarily engaged in the
exploration for, and the acquisition, exploitation, development and production
of crude oil and natural gas. Nuevo's principal domestic properties are located
onshore and offshore California. Nuevo is the largest independent producer of
oil and gas in California. The Company's international properties are located
offshore the Republics of Congo and Ghana in West Africa and offshore and
onshore the Republic of Tunisia in North Africa. To learn more about Nuevo,
please refer to the Company's internet site at http://www.nuevoenergy.com.

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                                                                    EXHIBIT 99.1


THIS PRESS RELEASE INCLUDES "FORWARD-LOOKING" STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934 AND THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDED IN
THIS PRESS RELEASE, INCLUDING WITHOUT LIMITATION, ESTIMATED QUANTITIES AND NET
PRESENT VALUE OF RESERVES, ESTIMATED PRODUCTION VOLUMES, BUSINESS STRATEGIES,
PLANS AND OBJECTIVES OF MANAGEMENT OF THE COMPANY FOR FUTURE OPERATIONS AND
COVENANT COMPLIANCE AND CAPITAL EXPENDITURES ARE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE ASSUMPTIONS UPON WHICH SUCH
FORWARD-LOOKING STATEMENTS ARE BASED ARE REASONABLE, IT CAN GIVE NO ASSURANCES
THAT SUCH ASSUMPTIONS WILL PROVE TO HAVE BEEN CORRECT. IMPORTANT FACTORS THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S EXPECTATIONS
("CAUTIONARY STATEMENTS") AND PROJECTIONS INCLUDE VOLATILITY IN OIL AND GAS
PRICES, OPERATING RISKS, THE RISKS ASSOCIATED WITH RESERVE REPLACEMENT,
COMPETITION FROM OTHER COMPANIES AND OTHER FACTORS SET FORTH IN THE COMPANY'S
ANNUAL REPORT ON FORM 10-K AND OTHER FILINGS MADE WITH THE SEC AND INCORPORATED
HEREIN. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS AND
PROJECTIONS ATTRIBUTABLE TO THE COMPANY OR TO PERSONS ACTING ON ITS BEHALF ARE
EXPRESSLY QUALIFIED BY THE CAUTIONARY STATEMENTS.